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Prince Alwaleed Meets Citigroup’s Corbat in Seattle

May 19, 2015

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) met Mr. Mike Corbat CEO of Citigroup at the Fairmont Hotel in Seattle, Washington.

 

Prince Alwaleed and Mr. Corbat discussed the latest developments in Citigroup and future plans of the company. 

 

The meeting was also attended by Ms. Nada Alsugair, Executive Director, Finance and Administration, Ms. Hassna Alturki, Executive Manager for International Relations to HRH the Chairman, Mr. Fahad Bin Nafil, Senior Executive Assistant to HRH the Chairman and Mr. Ahmed Altubaishi, Executive Assistant to HRH the Chairman.

 

In March 2015, Prince Alwaleed congratulated Citigroup’s Corbat for passing the Federal Reserve’s stress tests the with highest and cleanest results among the top Wall Street banks, Prince Alwaleed also congratulated Mr. Corbat for increasing dividend payment from 4 cents to 20 cents per annum which is equal to 400% increase and initiative a buyback program of as much as $7.8 billion dollars of stocks representing %5 of the group’s market-cap.

 

Moreover, Kingdom Holding Company and Prince Alwaleed are among the largest investors in Citigroup. 

 

In 2014, Prince Alwaleed had met Mr. Corbat at his office in Riyadh. In the same year, Prince Alwaleed congratulated Mr. Corbat on Citigroup’s Q2 positive results.

 

In 2013, Prince Alwaleed was received by Mr. Corbat at the company Headquarters in New York. In the same year, Prince Alwaleed received Mr. Corbat at his office in Riyadh, The two discussed various topics related to their respective companies. Prince Alwaleed hosted a dinner in honor of Mr. and Mrs. Corbat at Kingdom Resort.

 

Prince Alwaleed is a prominent investor in Citigroup through KHC which operates in over 160 countries in the world since 1991 and is the largest single shareholder in the company. In 2008, Prince Alwaleed participated in a $12.5 billion private offering of convertible preferred securities of Citigroup. The new direct investment was made alongside an exclusive group of leading international investors. The Prince converted the preferred shares in 2009 into common shares (voting shares).

 

Founded in 1980, KHC is a publicly traded company which was listed on Tadawul (the Saudi Stock Exchange) in 2007. KHC is one of the world’s most successful and diversified business organizations, highly respected in the field of investments and recognized as an elite player in the Arabian Gulf region, and internationally. The Company is recognized as one of the largest foreign investors in the United States. KHC’s portfolio has its major interests in investment categories ranging from luxury hotels management hotel companies (Four Seasons Hotels and Resorts, Fairmont Raffles Holding Intl and Mövenpick Hotels, Resorts AG and Swissotel) and real estate (Kingdom Tower and project in Jeddah and Kingdom Riyadh project) to hotel real estate investments such as (The Plaza, New York, Savoy Hotel, London and Four Seasons, George V Hotel, Paris and other hotels). KHC also has investments in Petrochemical (Tasnee) Media and Publishing (News Corporation and Saudi Research and Marketing Group), as well as in Entertainment (Euro Disney S.C.A). In addition, Finance and Investment services (Citigroup), Social Media and Technology (Twitter and Jingdong). Moreover, the Company has investments in Education (Kingdom Schools), Health Care (Medical Services Projects Company), Aviation (NAS Saudi Arabia) and Agriculture (Kingdom Agricultural Development Company – KADCO Egypt).